The buzzwords for 2023 are financial wellbeing. But, what does it mean to you and your employees? Why should you help your staff with their finances, and how do you access such support? We caught up with Paul Chedzey, Commercial Director at WorkLife by OpenMoney to answer these burning questions…
What is financial wellbeing?
Financial wellbeing refers to an individual’s overall financial health, including their ability to manage their finances effectively and achieve their financial goals.
Why is financial wellbeing important for businesses?
Financial wellbeing impacts your employee productivity, job satisfaction, and overall business success.
For example, financially literate employees are more likely to make informed business decisions, which can lead to improved business outcomes. Staff with debts, living payday-to-payday, or worrying about interest rates or inflated prices have increased chances of worrying, stress, depression, and anxiety: leading to absenteeism, being less productive, and less motivated.
And this is just about your current staff: employers that offer support packages are more likely to retain and recruit top talent.
Why should I support my employees’ own use of their salary?
No one is asking you to micromanage your employees’ spending habits, but you should be supporting your teams and their overall health. Finances are the top three causes of stress according to our recent research, and 95% of employees are concerned about the rising cost of living.
So, what should I be doing?
Support your employees! You can do this by offering financial wellness programs and resources, such as financial education, debt management, and retirement planning services. Through Financial Wellbeing by OpenMoney, this comes in many forms: educational resources (such as podcasts, webinars, and blogs), discounts and savings, and 121 financial coaching or financial advice, depending on your employees’ needs.
The information we receive is strictly confidential, meaning your employees need not worry about using the service and their employer finding out about their overall financial situation.
Is this expensive?
No: our programme starts at only £1 per month per employee.
Do you want to know more? Book a demo or a call now with Paul’s team here.
